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Best Credit Cards With No Annual Fee for March 2022 – CNET [CNET]
Paying an annual fee for a credit card can make sense if you spend enough to maximize rewards and offset the cost of the card — an annual fee most often leads to better rewards rates and perks. But it’s important to pay attention to the exact fees to find the card that best suits you. If you want to save money on annual fees and still score rewards and other benefits, there are a variety of no-annual-fee cards available.
First, you’ll want to compare your options — some of these cards offer only basic features, while others allow you to earn welcome bonuses, cash-back rewards and travel points, as well as get perks like zero foreign transaction fees. Below are our picks for the best no-annual-fee credit cards. We’ll update these partner offers periodically as new cards are introduced and features and benefits change.
Best overall credit card with no annual fee
- Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more;
- 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
- 1.5% on all other purchases
Our Take
The Chase Freedom Unlimited® card wins the spot for best no-annual-fee credit cards for a few reasons. This card offers an extensive cash-back rewards program, allowing you to earn more rewards on eligible travel, dining and drugstore purchases than you could with the other best no-annual-fee cards.
The welcome bonus adds even more cash back. For the first year, you earn an additional 1.5% cash back on up to $20,000 in purchases, for up to $300. This card also offers a 15-month 0% introductory APR on purchases (14.99% to 23.74% variable APR thereafter).
Best travel card with no annual fee
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire
Our Take
With the Bank of America® Travel Rewards credit card*, you earn 1.5 points (equivalent to 1.5 cents) for every dollar spent on any purchase, anywhere. These points can be redeemed for statement credits against travel expenses like hotels, flights and restaurants, with no restrictions on airlines, websites or dates. You’ll also enjoy no foreign transaction fees, so anywhere you travel to, you can use this credit card without penalty. The sign-on bonus and introductory APR make this a well-rounded everyday credit card, as well.
Our Take
The U.S. Bank Visa® Platinum Card is a no-frills card with no annual fee that won’t earn you rewards, but its long introductory APR period on both purchases and balance transfers makes it an excellent card for anyone looking to pay down debt. The balance transfer fees are on par with similar cards, but the 20-billing-cycle introductory 0% APR time frame on purchases and balance transfers can offer you extra time to pay down other credit card debt, interest-free (14.49% to 24.49% variable APR thereafter).
Best customized rewards with no annual fee
- Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- Earn unlimited 1% on all other purchases.
Our Take
The Bank of America® Customized Cash Rewards credit card* offers a lot of flexibility. Unlike most credit cards where you can choose a category, this one doesn’t rotate — making it a valuable tool you can use all year long. You can earn 3% cash back on the category of your choice, on up to $2,500 of expenditure per quarter in combined 3% and 2% categories, then 1% thereafter. The default category selection is gas, and for all others you must manually switch the selection through your account. Alternatively, this card would also be selected as the best no-annual-fee credit card for online shopping, as that is another category you can manually choose.
- Earn unlimited 2% cash rewards on purchases
Our Take
The Wells Fargo Active Cash Card offers an unlimited 2% flat cash rewards structure, making this a simple but powerful card. There’s no worrying about reward limits or bonus categories — you’ll earn a flat rewards rate on eligible everyday purchases. Plus, if you spend $1,000 in purchases in the first three months of opening your account, you’ll earn a $200 cash rewards welcome bonus. You can also take advantage of the low introductory APR on purchases and qualifying balance transfers, as this is a well-rounded card.
FAQs
What does ‘no annual fee’ mean?
It means the card issuer will not charge you a yearly cardholder fee. Cards with no annual fees may have other fees though — such as security deposits, transaction fees, late payment fees and balance transfer fees. Many different types of cards offer no annual fee, such as most student credit cards.
What else should I consider about credit cards with no annual fees?
If you use your card more and want access to better incentives, it is easy to make the switch. Alex Miller, CEO and founder of Upgraded Points, said, “No-annual-fee credit cards tend to have a ‘sister’ card with an annual fee. You can upgrade from a no-annual-fee to an annual fee card, usually with little to no hassle.” With these upgraded cards, you can typically earn even more rewards.
Are annual-fee cards ever worth it?
Sometimes. If you’re new to using credit cards or do not plan to charge many expenses, then having a card with an annual fee will not be in your best interest since you won’t take advantage of the incentives enough to justify the cost.
Meanwhile, there are instances where the opposite applies. “Annual-fee cards are worth it for people who spend more money because they have much higher bonuses on spending categories,” said John Taylor Garner, CEO and founder of Card Curator. “And their points/miles are worth a lot more, especially when redeemed for travel.”
Our methodology
CNET reviews credit cards by exhaustively comparing them across set criteria developed for each major category, including cash-back, welcome bonus, travel rewards and balance transfer. We take into consideration the typical spending behavior of a range of consumer profiles — with the understanding that everyone’s financial situation is different — and the designated function of a card.
For cash-back credit cards, for example, key factors include the annual fee, the “welcome bonus” and the cash-back rate (or rates, if they differ by spending category). For rewards and miles cards, we calculate and weigh the net monetary value of a card’s respective perks. And with balance transfer credit cards, we analyze specs such as the duration of the introductory 0% APR period and the balance transfer fee, while acknowledging secondary factors such as the standard APR and the length of time you have to make a balance transfer after you open the account.
*All information about the Bank of America Customized Cash Rewards credit card and the Bank of America Travel Rewards credit card has been collected independently by CNET and has not been reviewed by the issuer.
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